The proposed Foveal Photocoagulation Study is a multicenter study of treatment for age-related macular degeneration (AMD) in eyes with subfoveal neovascular lesions. The study consists of two randomized controlled trials of laser photocoagulation treatment and a natural history study of eyes ineligible for the trials. Eligible AMD patients who meet the visual acuity criteria for the randomized trials (20/80 vA 20/320) will be assigned to treatment or to no treatment of the neovascular lesion. Nature history study patients will have AMD and a subfoveal neovascular lesion but visual acuity better than 20/80. The purpose of the randomized trials is to determine whether krypton red laser photocoagulation is effective in preventing or delaying severe loss of vision in AMD patients who have subfoveal lesions, whether there are new neovascular lesions or recurrent neovascularization subfoveally following prior treatment for extrafoveal or juxtafoveal lesions. The purpose of the natural history study is to determine the rate at which visual acuity deteriorate to 20/80 or worse in eyes with AMD and subfoveal neovascular membranes after initial clinical presentation of patients who would otherwise be eligible for the randomized trials. The study will be carried out in twelve Clinical Centers, a Coordinating Center, and a Fundus Photograph Reading Center; the study investigators and centers consist primarily of those who have collaborated in the Macular Photocoagulation Study (MPS) over the past six years.